Published On: Wed, Sep 14th, 2016

Drexel Hamilton Reiterates Buy Rating for Apple Inc. (AAPL)

Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by equities research analysts at Drexel Hamilton in a report released on Wednesday. They presently have a $185.00 target price on the iPhone maker’s stock. Drexel Hamilton’s target price indicates a potential upside of 71.09% from the stock’s previous close.
Several other research analysts also recently commented on the stock. Piper Jaffray Cos. reissued an “overweight” rating and set a $153.00 price objective on shares of Apple in a report on Tuesday, July 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $150.00 price target on shares of Apple in a report on Wednesday, July 20th. Vetr downgraded shares of Apple from a “hold” rating to a “sell” rating and set a $105.47 price target for the company. in a report on Monday, August 15th. Sanford C. Bernstein lowered their price target on shares of Apple from $135.00 to $125.00 and set an “outperform” rating for the company in a report on Monday, July 18th. Finally, Brean Capital reaffirmed a “buy” rating on shares of Apple in a report on Tuesday. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, forty-three have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $125.08.
Apple (NASDAQ:AAPL) traded up 3.95% during mid-day trading on Wednesday, reaching $112.21. The company’s stock had a trading volume of 44,468,207 shares. Apple has a one year low of $89.47 and a one year high of $123.82. The firm’s 50 day moving average is $106.77 and its 200-day moving average is $101.83. The stock has a market cap of $604.64 billion, a P/E ratio of 13.08 and a beta of 1.14.

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Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, beating the consensus estimate of $1.38 by $0.04. Apple had a net margin of 21.70% and a return on equity of 37.89%. The business earned $42.36 billion during the quarter, compared to the consensus estimate of $42.35 billion. During the same quarter in the prior year, the firm earned $1.85 EPS. The business’s revenue was down 14.6% on a year-over-year basis. Equities analysts expect that Apple will post $8.26 earnings per share for the current fiscal year.
In other Apple news, SVP Daniel J. Riccio sold 49,996 shares of the stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $105.95, for a total transaction of $5,297,076.20. Following the completion of the transaction, the senior vice president now directly owns 67,143 shares in the company, valued at $7,113,800.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Angela J. Ahrendts sold 25,000 shares of the stock in a transaction on Monday, July 18th. The stock was sold at an average price of $100.00, for a total value of $2,500,000.00. Following the transaction, the senior vice president now owns 105,839 shares of the company’s stock, valued at $10,583,900. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC raised its position in Apple by 39.2% in the second quarter. Penserra Capital Management LLC now owns 1,080 shares of the iPhone maker’s stock valued at $103,000 after buying an additional 304 shares in the last quarter. Delphi Private Advisors LLC raised its position in Apple by 5.0% in the second quarter. Delphi Private Advisors LLC now owns 1,462 shares of the iPhone maker’s stock valued at $140,000 after buying an additional 69 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new position in Apple during the second quarter valued at about $143,000. River & Mercantile Asset Management LLP raised its position in Apple by 22.8% in the second quarter. River & Mercantile Asset Management LLP now owns 1,800 shares of the iPhone maker’s stock valued at $172,000 after buying an additional 334 shares in the last quarter. Finally, Roble Belko & Company Inc raised its position in Apple by 60.6% in the second quarter. Roble Belko & Company Inc now owns 1,803 shares of the iPhone maker’s stock valued at $172,000 after buying an additional 680 shares in the last quarter. Hedge funds and other institutional investors own 56.52% of the company’s stock.
Apple Company Profile
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.

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